Brexit be damned was the message from C&C this week with the announcement of its decision to quit the Dublin stock market in favour of seeking a listing in the FTSE series in London.
C&C chief executive Stephen Glancey, himself a Scot, explained the move was to cater to the group's larger base of UK shareholders, which make up the majority of its investors. "The UK is where the market is," he said.
C&C will remain headquartered and tax-resident in Ireland, and presumably continue to buy apples here for its Bulmers and Magners cider drink, which are both produced in Clonmel.
Glancey added: “We’ll still pay more tax in Ireland than some of the international guys that compete with us . . . We’re just moving our listing to a much bigger market.”
Ouch.
Plc drift
C&C is not the first Irish plc to go this route and it might not be the last. Post-crash, a number of high-profile Irish public companies abandoned Dublin in favour of London, including Greencore, DCC and United Drug.
CRH, the largest stock on the Irish market by some distance, moved its primary listing to the UK while retaining a secondary one in Dublin. And a number of resource companies founded in Ireland and based here have chosen only to hold secondary listings in London.
C&C was outside the top 10 stocks on the Euronext Dublin list, ranking 16th in terms of market volumes and liquidity. Ironically, C&C's departure leaves British giant Diageo as the only drinks stock on the Irish market, albeit via a secondary listing. Chin, chin.
